TDS/TCS Rate Reduction | Due date of all Income Tax Return extension under Self-Reliant India Movement Package

TDS/TCS Rate Reduction and Due date of all Income Tax Return extension under Self-Reliant India Movement Package आत्मनिर्भर भारत अभियान पैकेज Self-Reliant India Movement Package

TDS/TCS Rate Reduction and Due date of all Income Tax Return extension under Self-Reliant India Movement Package

आत्मनिर्भर भारत अभियान पैकेज Self-Reliant India Movement Package
Tax related measures

Rs 50,000 crores liquidity through TDS/TCS rate reduction


Reduction in Rates of ‘Tax Deduction at Source’ and ‘Tax Collected at Source” – The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the specified rates for the remaining period of FY 20-21.This will provided liquidity to the tune of Rs 50,000 Crore.

  •     In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.
  •     Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
  •     This reduction shall be applicable for the remaining part of the FY 2020-21 1.e. from tomorrow to 31% March, 2021.
  •     This measure will release Liquidity of Rs. 50,000 crore.
tds-tcs-rate-reduction-and-due-date-of-all-income-tax-return-extension

Other Direct Tax Measures – Extension of due date of Income Tax Returns


The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020.  Similarly, tax audit due date will be extended to 31 October 2020.

  •     All pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
  •     Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30″ September, 2020 to 31st October,2020.
  • The date for making payment without additional amount under the “Vivad Se Vishwas” scheme will be extended to 31 December, 2020.
  •     Date of assessments getting barred on 30th September, 2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September, 2021.
  •     Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.
Source: Self Reliant India Movement Package PPT

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Govt Employee News Updates, Rules, O.M, Notification: TDS/TCS Rate Reduction | Due date of all Income Tax Return extension under Self-Reliant India Movement Package
TDS/TCS Rate Reduction | Due date of all Income Tax Return extension under Self-Reliant India Movement Package
TDS/TCS Rate Reduction and Due date of all Income Tax Return extension under Self-Reliant India Movement Package आत्मनिर्भर भारत अभियान पैकेज Self-Reliant India Movement Package
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Govt Employee News Updates, Rules, O.M, Notification
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